Amid rising economic and geopolitical uncertainties, exacerbated by the trade and monetary policies of the Trump administration, wealthy investors are significantly rebalancing their portfolios. Traditionally considered safe-haven assets, dollar-denominated investments are now being abandoned in favor of cryptocurrencies and gold, which are seen as safer in the current climate.
Exodus from Dollar Assets
According to UBS, the bank’s affluent clients are moving away from dollar-denominated assets, including U.S. bonds and Treasury bills, opting instead for alternatives like gold and cryptocurrencies. This trend is driven by fears of new tariffs, trade tensions, and economic volatility resulting from Trump’s protectionist policies. Amy Lo, co-head of Asian wealth management at UBS, highlighted that “gold is very popular now,” while diversification into cryptos and yuan-denominated assets is accelerating.
Crypto and Gold: The New Safe Havens
Gold reached a historic high of $3,390 per ounce in April 2025, fueled by geopolitical uncertainties and a strong demand for security. Simultaneously, Bitcoin surpassed $105,000 after a brief respite in the U.S.-China trade war. Investors are seeking protection from dollar dominance and the volatility of traditional markets by turning to these alternative assets.
Trump’s Impact on Crypto
Donald Trump has personally benefited from this shift, with his wealth doubling in 2025—from $2.3 billion to over $5 billion—mainly due to his activities in the crypto sector. The launch of meme coins like $TRUMP and $MELANIA, along with the creation of the World Liberty Financial platform, enabled the Trump family to capture a significant share of the crypto asset market, generating billions in revenue. Attracted by the promise of high returns and the presidential aura, investors are flocking to these products.
Implications for the Dollar and Global Finance
The declining appeal of the dollar among investors has led to a drop in the U.S. dollar index and a rise in the Chinese yuan, which hit a six-month high against the greenback in May 2025. This shift represents a turning point in the perception of safe-haven assets and could weaken the dollar’s position as the world’s reserve currency.
Conclusion
Under the Trump administration, a combination of aggressive economic policies and active promotion of cryptocurrency has significantly transformed the investment strategies of the wealthy. Gold and crypto assets, driven by distrust in the dollar, have emerged as the new pillars of wealth preservation.
